Business
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The Federal Government has so far saved about N400bn as a result of the removal of subsidy on Premium Motor Spirit, popularly called petrol, since May 31, 2023, when the initiative was officially implemented, oil marketers stated on Thursday. Also, the oil dealers stated that there was a high possibility for the cost of petrol […]
European stock markets fell at the start of trading on Monday following a drop in Tokyo, as traders tracked the latest inflation developments and fallout from the Wagner revolt. London’s benchmark FTSE 100 index slipped 0.2 per cent to 7,447.85 points. In the eurozone, Frankfurt’s DAX index lost 0.3 per cent to 15,783.40 […]
Chinese tech giant Alibaba said Tuesday it will replace its top boss, in a surprise move at the e-commerce titan as it looks to recover from years of slow growth caused by weak consumer spending and a regulatory crackdown. The move comes as the market leader prepares to undergo a fundamental reorganisation of its sprawling […]
The central parity rate of the Chinese currency renminbi, or yuan, strengthened 88 pips to 7.1201 against the dollar on Monday, according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the yuan is allowed to rise or fall by two per cent from the central parity rate each trading day. […]
The Central Bank of Nigeria has lifted the limits placed on domiciliary accounts. In a statement by the CBN on Sunday, the new regulation allowed account holders to deposit freely, have unrestricted access to funds in accounts, and make up to $10,000 withdrawals daily. The statement was titled ‘CBN issues further guidance on operational changes […]
The Central Bank of Nigeria has reportedly directed Deposit Money Banks to remove the rate cap on the naira at the Investors and Exporters’ (I&E) Window of the foreign exchange market, to allow for a free float of the national currency against the dollar and other global currencies. The development came barely two weeks […]
Oil prices were on the rise on Monday following Saudi Arabia’s announcement that it would cut its oil output by one million barrels a day in July. The price of a barrel (159 litres) of North Sea Brent for delivery in August stood at 77.03 dollars on Monday morning, 90 cents more than on […]
